South Carolina FHA Loan Rates, Closing Costs & Stats

South Carolina

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

South Carolina FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in South Carolina averaged 6.22% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

South Carolina's average FHA mortgage closing costs are $7,357.

The average rate for the prior week (2024-02-09) was 5.92% and one month ago for the week of 2024-01-12, the average rate was 6.17%.

The average rate one year ago was 5.61%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.29%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

South Carolina FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the South Carolina level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 1,828 4.49% $9,827
MOVEMENT MORTGAGE, LLC 739 5.03% $9,473
UNITED WHOLESALE MORTGAGE, LLC 729 4.94% $9,791
GUILD MORTGAGE COMPANY 707 4.99% $10,241
DHI MORTGAGE COMPANY, LTD. 637 4.07% $8,685
LOANDEPOT.COM, LLC 528 4.86% $10,229
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 485 5.02% $8,835
CARDINAL FINANCIAL 424 4.82% $12,099
CROSSCOUNTRY MORTGAGE, LLC 401 5.58% $11,163
PRIMELENDING, A PLAINSCAPITAL COMPANY 376 5.11% $10,598
FREEDOM MORTGAGE CORPORATION 367 4.81% $9,524
BROKER SOLUTIONS, INC. 349 5.06% $9,998
Carrington Mortgage Services, LLC 346 4.92% $12,578
CALIBER HOME LOANS, INC. 318 4.66% $9,295
PENNYMAC LOAN SERVICES, LLC 297 4.18% $9,558
VANDERBILT MORTGAGE AND FINANCE, INC. 297 4.80% $10,859
Mr. Cooper ( Nationstar Mortgage ) 282 4.60% $11,092
NVR Mortgage Finance, Inc. 258 4.44% $10,314
Ameris Bank 244 4.78% $9,340
ON Q FINANCIAL, INC. 214 5.67% $8,255
LAKEVIEW LOAN SERVICING, LLC 195 4.20% $6,928
AMERISAVE MORTGAGE CORPORATION 187 4.57% $10,848
EAGLE HOME MORTGAGE, LLC 183 4.91% $12,752
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 173 5.10% $10,356
Flagstar Bank, FSB 153 4.76% $8,682
AMERICAN PACIFIC MORTGAGE CORPORATION 146 5.54% $13,843
First Heritage Mortgage, LLC 142 5.08% $10,982
Nations Lending Corporation 128 5.39% $10,377
ARK-LA-TEX FINANCIAL SERVICES, LLC. 125 5.03% $9,508
RESOURCE FINANCIAL SERVICES, INC. 123 5.05% $8,608
Paramount Residential Mortgage Group, Inc. 122 5.14% $10,131
CMG MORTGAGE, INC. 119 5.01% $11,241
FINANCE OF AMERICA MORTGAGE LLC 116 4.86% $10,259
GUARANTEED RATE, INC. 115 4.63% $9,414
Equity Prime Mortgage LLC 114 5.28% $9,675
GUARANTEED RATE AFFINITY, LLC 111 4.93% $9,411
Renasant Bank 109 4.87% $10,725
MIDLAND MORTGAGE CORPORATION 107 4.81% $9,147
HOME POINT FINANCIAL CORPORATION 107 4.46% $9,657
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 104 4.91% $10,290
TOWNE MORTGAGE COMPANY 101 4.94% $8,948
HOMESTAR FINANCIAL CORPORATION 99 5.02% $7,452
CALCON MUTUAL MORTGAGE LLC 98 4.95% $12,862
First Federal Bank 97 4.47% $8,480
NEWREZ LLC 96 4.80% $8,306
CAROLINA ONE MORTGAGE, LLC 95 5.13% $11,439
T2 FINANCIAL LLC 95 5.00% $11,465
SUCCESS MORTGAGE PARTNERS, INC. 93 4.58% $10,370
Gateway First Bank 92 5.35% $7,490
HOMESIDE FINANCIAL, LLC 90 4.97% $10,668
HOMEBRIDGE FINANCIAL SERVICES, INC. 85 4.80% $10,775
Alcova Mortgage LLC 84 5.06% $7,699
INTERLINC MORTGAGE SERVICES, LLC 82 5.25% $10,091
Network Funding, L.P. 80 5.23% $10,326
INSPIRE HOME LOANS INC. 79 5.02% $9,493
ACOPIA, LLC 75 5.26% $10,255
AMERICAN FINANCIAL RESOURCES, INC. 75 4.89% $9,216
HOMEOWNERS FINANCIAL GROUP USA, LLC 72 5.10% $10,221
Mortgage Network, Inc. 68 4.90% $9,730
EVERETT FINANCIAL, INC. 67 5.37% $6,715
PRIMARY RESIDENTIAL MORTGAGE, INC. 66 5.21% $10,349
NTFN, INC. 65 4.93% $10,633
South State Bank 64 4.80% $8,317
Lakeview Community Capital, LLC 62 4.06% $6,327
Sierra Pacific Mortgage Company, Inc. 59 4.58% $9,360
Magnolia Bank 59 5.24% $8,629
First Community Bank 57 5.09% $10,272
THRIVE MORTGAGE, LLC 55 5.69% $9,537
MUTUAL OF OMAHA MORTGAGE, INC. 54 4.98% $12,383
SOUTHWEST FUNDING, LP 54 5.38% $9,677
First Palmetto Bank 53 4.80% $8,529
FBC MORTGAGE, LLC 52 5.53% $9,971
RELIANCE FIRST CAPITAL, LLC 49 5.14% $11,045
AMERICAN FINANCING CORPORATION 47 4.68% $9,459
PLAZA HOME MORTGAGE, INC. 47 5.39% $11,701
CORNERSTONE HOME LENDING, INC. 47 4.76% $11,279
VELOCIO MORTGAGE L.L.C. 43 4.60% $12,847
APEX HOME LOANS, INC. 43 3.89% $10,746
GENEVA FINANCIAL, LLC 41 4.95% $10,710
SUMMIT FUNDING, INC. 40 4.75% $10,598
VILLAGE CAPITAL MORTGAGE 40 4.04% $6,919
Princeton Mortgage Corporation 40 4.68% $11,575
LOANPAL, LLC 40 4.61% $11,602
Prosperity Home Mortgage, LLC 40 4.93% $10,672
CAPITAL CENTER, L.L.C. 39 3.88% $6,113
MCLEAN MORTGAGE CORPORATION 39 4.73% $9,249
Assurance Financial Group, L.L.C. 39 5.09% $9,789
Wells Fargo Bank 39 4.80% $6,584
First-Citizens Bank & Trust Company 38 4.36% $7,566
US MORTGAGE CORPORATION 38 5.07% $11,114
CERTAINTY HOME LOANS, LLC 37 4.77% $11,833
Bank of America 36 3.99% $5,489
Countybank 36 4.79% $7,699
NATIONS DIRECT MORTGAGE, LLC 35 4.79% $9,812
Northpointe Bank 35 4.99% $11,150
GSF Mortgage Corporation 34 5.83% $10,551
Mortgage Research Center, LLC 34 5.37% $7,196
RAPID MORTGAGE COMPANY 34 5.22% $11,601
CHURCHILL MORTGAGE CORPORATION 33 4.89% $9,396
BAY EQUITY LLC 33 5.08% $11,438
SUN WEST MORTGAGE COMPANY, INC. 32 4.42% $9,495
Wyndham Capital Mortgage, Inc. 31 4.80% $9,914
Hometown Lenders, Inc. 29 5.17% $11,593
UNION HOME MORTGAGE CORP. 28 5.61% $9,629
MORTGAGE EQUITY PARTNERS LLC 28 4.95% $11,524
JET HOMELOANS, LLC 28 5.37% $11,467
Trustmark National Bank 27 5.05% $7,616
NFM, INC. 26 5.41% $10,592
First Guaranty Mortgage Corporation 26 3.85% $6,580
TJC Mortgage, Inc. 26 5.34% $12,326
MID AMERICA MORTGAGE, INC. 25 5.41% $4,668
American Security Mortgage Corp. 25 4.91% $9,366
Truist 25 4.70% $9,382
Century Mortgage Company DBA Century Lending Company 25 4.44% $9,518
Synovus Bank 25 5.22% $8,258
CITY FIRST MORTGAGE SERVICES, L.L.C. 25 5.37% $11,771
THE MORTGAGE FIRM, INC. 24 5.09% $12,203
Southern First Bank 24 5.26% $8,527
CONTOUR MORTGAGE CORPORATION 24 5.13% $11,171
DIRECT MORTGAGE LOANS, LLC 24 4.62% $11,843
PULTE MORTGAGE LLC 23 4.95% $7,366
First Reliance Bank 22 4.48% $7,675
LIBERTY HOME MORTGAGE CORPORATION 22 5.80% $13,750
Colten Mortgage, LLC 22 4.19% $10,461
SRP Federal Credit Union 22 4.59% $8,037
MORTGAGE SOLUTIONS OF COLORADO, LLC 22 5.38% $11,058
POLARIS HOME FUNDING CORP. 21 5.15% $10,954
VERITAS FUNDING, LLC 21 4.83% $16,099
Citizens Bank 21 4.40% $9,162
Regions Bank 21 4.57% $8,020
PLANET HOME LENDING, LLC 21 4.71% $8,004
UNITED MORTGAGE CORP 20 4.88% $12,040
United Community Bank 20 4.58% $8,831
GUARANTY HOME MORTGAGE CORPORATION 20 4.73% $8,968
TD Bank 19 4.78% $7,319
TIDEWATER MORTGAGE SERVICES, INC. 19 4.81% $9,835
Platinum Home Mortgage Corporation 18 4.99% $26,229
BANKSOUTH MORTGAGE COMPANY, LLC 17 4.51% $10,175
EMBRACE HOME LOANS, INC. 16 4.97% $10,681
The Federal Savings Bank 16 4.78% $13,343
INTERCOASTAL MORTGAGE COMPANY 16 5.20% $8,682
Security Federal Bank 16 4.13% $8,006
SOUTHERN TRUST MORTGAGE, LLC 15 4.13% $10,715
HANCOCK MORTGAGE PARTNERS, LLC 15 5.29% $10,861
KELLER MORTGAGE, LLC 14 4.49% $8,449
M&T Bank 14 5.08% $8,147
Plains Commerce Bank 14 5.17% $11,427
RUOFF MORTGAGE COMPANY, INC. 14 4.51% $6,157
SWBC MORTGAGE CORPORATION 14 4.69% $7,683
Towne Bank 14 4.73% $9,737
AMERIFIRST FINANCIAL CORPORATION 14 5.18% $9,833
SOUTHPOINT FINANCIAL SERVICES, INC. 13 4.92% $11,838
EMM LOANS LLC 13 5.00% $12,178
GoPrime Mortgage, Inc. 13 5.60% $10,869
Queensborough National Bank & Trust Company 13 4.75% $9,699
Atlantic Coast Mortgage, LLC 13 5.42% $12,426
Barrington Bank & Trust Company, N.A. 12 4.96% $10,420
JPMorgan Chase Bank 12 5.86% $5,243
ANGEL OAK HOME LOANS LLC 12 4.85% $11,056
AmeriHome Mortgage Company, LLC 12 4.94% $10,361
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 12 4.91% $12,419
LADERA LENDING, INC. 12 5.11% $12,066
Bank of England 11 4.64% $10,575
NEW DAY FINANCIAL, LLC 11 5.41% $7,894
CRESCENT MORTGAGE COMPANY 11 5.28% $8,346
Colony Bank 10 4.41% $8,573
ZILLOW HOME LOANS, LLC 9 4.93% $9,909
Blue Ridge Bank 9 5.47% $9,788
EQUITY RESOURCES, INC. 9 5.11% $8,838
LEADERONE FINANCIAL CORPORATION 9 4.96% $10,061
OCMBC, INC. 9 5.74% $11,801
PANORAMA MORTGAGE GROUP, LLC 9 5.17% $12,677
PNC Bank 9 5.06% $6,622
MORIA DEVELOPMENT, INC. 8 5.00% $10,962
Hometown Equity Mortgage, LLC 8 4.50% $10,785
U.S. Bank 8 4.81% $9,532
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 8 5.13% $11,346
Mortgage Assurance Inc. 8 3.36% $9,397
The Bank of South Carolina 7 4.68% $6,637
LOANLEADERS OF AMERICA, INC. 7 4.70% $14,344
Austin Capital Bank SSB 7 4.98% $11,624
Servion, Inc. 7 4.88% $7,152
PHH Mortgage Corporation 7 4.88% $9,731
AUGUSTA MORTGAGE CO. 7 5.05% $8,709
NATIONWIDE MORTGAGE BANKERS, INC. 7 5.75% $14,686
Uwharrie Bank 7 5.18% $8,833
ROYAL UNITED MORTGAGE LLC 7 6.57% $9,045
United Bank 7 5.46% $8,347
RESIDENTIAL BANCORP 7 4.23% $11,293
OPEN MORTGAGE, LLC 7 4.68% $11,051
Texana Bank 7 4.11% $10,787
1ST SIGNATURE LENDING, LLC 7 4.20% $10,040
ALLIED MORTGAGE GROUP, INC. 6 4.81% $9,477
CHERRY CREEK MORTGAGE, LLC 6 4.75% $5,319
PREMIER LENDING, INC. 6 5.13% $9,683
Neighborhood Loans, Inc. 6 6.13% $10,853
Allen Tate Mortgage Partners, LLC 6 5.83% $11,018
Peoples Bank 6 4.67% $9,073
LAND HOME FINANCIAL SERVICES, INC. 5 4.68% $8,887
BETTER MORTGAGE CORPORATION 5 3.88% $6,270
MEMBER ADVANTAGE MORTGAGE, LLC 5 5.08% $7,528
Wolfe Financial, Inc 5 4.75% $7,707
First Horizon Bank 5 4.70% $8,214
STOCKTON MORTGAGE CORPORATION 5 5.20% $10,738
FIRST HOME MORTGAGE CORPORATION 5 4.78% $10,523
SeaTrust Mortgage Company 5 5.38% $8,639
TOTAL MORTGAGE SERVICES, LLC 5 6.03% $11,298
NBKC BANK 5 4.75% $9,929
Encompass Lending Group, LP 5 4.60% $9,317
NATION ONE MORTGAGE CORPORATION 5 4.90% $16,850
Fifth Third Bank 4 5.16% $5,973
PREMIER MORTGAGE RESOURCES, L.L.C. 4 3.65% $8,137
SOUTHWEST STAGE FUNDING, LLC 4 4.94% $10,654
OCEANSIDE MORTGAGE COMPANY 4 4.47% $8,207
Amerifirst Financial, Inc. 4 5.78% $10,374
AmRes Corporation 4 4.66% $11,471
FIRST CHOICE MORTGAGE, INC. 4 5.88% $7,230
Strong Home Mortgage, LLC 4 4.78% $7,824
MICHIGAN MUTUAL, INC. 4 4.94% $12,622
SOVEREIGN LENDING GROUP INCORPORATED 4 5.16% $16,707
MLD MORTGAGE INC. 4 4.22% $12,624
NEXERA HOLDING LLC 4 4.91% $7,583
ACADEMY MORTGAGE CORPORATION 3 5.96% $9,879
ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 3.92% $6,894
VAN DYK MORTGAGE CORPORATION 3 4.79% $11,817
TruHome Solutions, LLC 3 4.42% $9,025
ARC HOME LLC 3 3.79% $8,564
MORTGAGE INVESTORS GROUP, INC. 3 4.58% $7,943
NETWORK CAPITAL FUNDING CORPORATION 3 6.67% $11,105
FAY SERVICING, LLC 3 4.33% $7,581
Shamrock Home Loans, Inc. 3 4.33% $9,097
SHELTER HOME MORTGAGE, LLC 3 5.92% $14,926
First Internet Bank of Indiana 3 3.75% $7,211
Cornerstone First Mortgage, Inc 3 5.33% $11,495
Alpha Mortgage Corporation 3 4.46% $10,371
S1L, Inc. 3 4.83% $13,552
DELMAR FINANCIAL COMPANY 2 5.44% $8,774
JET DIRECT FUNDING CORP 2 4.44% $8,749
Ixonia Bank 2 5.81% $11,455
INTERCAP LENDING INC. 2 4.13% $10,116
M/I FINANCIAL, LLC 2 2.81% $8,893
MILEND, INC. 2 6.38% $11,451
MORTGAGE ACCESS CORP. 2 5.19% $10,510
HOMESPIRE MORTGAGE CORPORATION 2 5.88% $8,515
Goldwater Bank, N.A. 2 5.25% $8,394
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.94% $8,759
MYCUMORTGAGE, LLC 2 3.88% $5,223
George Mason Mortgage, LLC 2 4.56% $12,750
First Savings Bank 2 5.31% $8,146
First Option Mortgage, LLC 2 3.38% $8,485
North American Savings Bank, F.S.B. 2 5.38% $11,134
NORWICH COMMERCIAL GROUP, INC. 2 4.94% $8,342
PENTAGON FEDERAL CREDIT UNION 2 4.81% $6,917
FIRST COMMUNITY MORTGAGE, INC. 2 5.63% $8,845
FirstBank 2 3.88% $8,330
1ST FINANCIAL, INC. 2 4.88% $14,020
PREMIA MORTGAGE, LLC 2 4.75% $8,555
ENVOY MORTGAGE, LTD 2 5.13% $8,041
East Coast Capital Corp. 2 5.06% $9,918
LEGEND LENDING CORPORATION 2 5.94% $9,517
DAS Acquisition Company, LLC 2 6.44% $9,060
RESIDENTIAL HOME FUNDING CORP. 2 5.44% $11,837
Credence Funding Corporation 2 4.75% $16,019
SECURITYNATIONAL MORTGAGE COMPANY 2 4.63% $8,438
CityWorth Mortgage LLC 2 4.44% $10,797
SIRVA MORTGAGE, INC. 2 4.69% $10,008
SOUTHEAST MORTGAGE OF GEORGIA, INC. 2 5.38% $10,737
CIS Financial Services, Inc. 2 5.25% $8,226
C & F Mortgage Corporation 2 5.44% $9,725
The Park National Bank 2 5.50% $10,030
The Union Bank Company 2 5.13% $11,670
TOP FLITE FINANCIAL, INC. 2 7.13% $10,037
United Fidelity Funding Corp. 2 5.25% $11,366
JMAC LENDING, INC. 2 5.13% $16,658
Victorian Finance, LLC 1 6.50% $6,819
SOUTH CENTRAL BANK, INC. 1 5.13% $11,744
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.50% $8,270
Waterstone Mortgage Corporation 1 6.50% $2,722
Chickasaw Community Bank 1 4.88% $7,072
Pinnacle Bank 1 5.25% $7,698
Integrity Home Mortgage Corp 1 5.50% $7,037
CBM Mortgage, Inc. 1 5.63% $11,648
First Federal Bank of Kansas City 1 5.13% $6,825
Paramount Bank 1 4.25% $7,993
Capital City Home Loans, LLC 1 3.25% $10,311
1ST PREFERENCE MORTGAGE CORP. 1 4.75% $16,169
OVM FINANCIAL, INC. 1 4.38% $14,305
Capital Bank 1 5.25% $10,068
BOND STREET MORTGAGE, LLC 1 5.13% $20,543
Sunflower Bank 1 5.75% $11,061
First Mortgage Solutions, LLC 1 5.13% $6,989
Bethpage Federal Credit Union 1 6.75% $3,958
BEST CAPITAL FUNDING 1 5.25% $8,671
Bell Bank 1 4.63% $14,060
BECKAM FUNDING CORP. 1 6.75% $17,787
NP, Inc. 1 3.50% $9,147
First National Bank of Pennsylvania 1 4.63% $6,864
The Central Trust Bank 1 4.62% $6,939
BAYSHORE MORTGAGE FUNDING, LLC 1 5.75% $10,342
The Fidelity Bank 1 5.38% $7,445
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 3.88% $10,074
Willamette Valley Bank 1 4.25% $8,843
Kwik Mortgage Corporation 1 6.25% $13,364
FLAT BRANCH MORTGAGE, INC. 1 4.63% $11,176
Florida Capital Bank 1 4.75% $11,009
Armed Forces Bank 1 5.63% $6,337
Wilmington Savings Fund Society, FSB 1 5.63% $10,388
NBH Bank 1 6.50% $15,290
NATIONS RELIABLE LENDING, LLC 1 5.25% $9,876
GMFS LLC 1 4.25% $9,629
MY MORTGAGE, INC. 1 4.25% $7,223
Gulf Coast Bank and Trust Company 1 5.13% $15,764
American Mortgage & Equity Consultants, Inc. 1 5.63% $6,734
AMERICAN FEDERAL MORTGAGE CORPORATION 1 5.50% $9,765
Union Savings Bank 1 5.25% $6,958
HALLMARK HOME MORTGAGE, LLC 1 5.25% $13,178
AMCAP MORTGAGE, LTD. 1 4.75% $7,046
JAMES B. NUTTER & COMPANY 1 4.00% $6,767
HARTFORD FUNDING, LTD. 1 3.25% $10,604
HOMESTEAD FUNDING CORP. 1 3.25% $7,110
UNIVERSAL MORTGAGE & FINANCE, INC. 1 7.13% $10,858
MID-ISLAND MORTGAGE CORP. 1 6.00% $13,682
INLANTA MORTGAGE, INC. 1 3.00% $5,816
MEMBER FIRST MORTGAGE, LLC 1 4.38% $5,599
Advisors Mortgage Group, L.L.C. 1 4.88% $12,200
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.13% $14,070
Vellum Mortgage, Inc. 1 4.00% $9,044
Residential Mortgage Solutions, Inc. 1 3.25% $8,773
DATA MORTGAGE, INC. 1 4.63% $9,624
DEVELOPER'S MORTGAGE COMPANY 1 4.75% $4,198
DRAPER AND KRAMER MORTGAGE CORP. 1 5.00% $11,621
Colonial Savings, F.A. 1 4.88% $13,849
A&D Mortgage LLC 1 4.63% $26,023
Evolve Bank & Trust 1 4.38% $16,019
FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.25% $10,333
First Bank 1 4.25% $12,617
SHELTER MORTGAGE COMPANY, L.L.C. 1 4.25% $7,908
MDE Home Loans, LLC 1 6.50% $6,911

The top South Carolina FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,828 FHA loans originated. Their average total fees are $9,827, which is $354 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee South Carolina FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,668), JPMorgan Chase Bank ($5,243), Bank of America ($5,489), CAPITAL CENTER, L.L.C. ($6,113) and RUOFF MORTGAGE COMPANY, INC. ($6,157).

The lowest rate South Carolina FHA lenders (with over 10 loans originated) are First Guaranty Mortgage Corporation (3.85%), CAPITAL CENTER, L.L.C. (3.88%), APEX HOME LOANS, INC. (3.89%), Bank of America (3.99%) and VILLAGE CAPITAL MORTGAGE (4.04%).

South Carolina FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
NON-METRO ABBEVILLE 2022 $420,680 $538,650 $651,050 $809,150
AUGUSTA-RICHMOND COUNTY, GA-SC AIKEN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ALLENDALE 2022 $420,680 $538,650 $651,050 $809,150
GREENVILLE-ANDERSON, SC ANDERSON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BAMBERG 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BARNWELL 2022 $420,680 $538,650 $651,050 $809,150
HILTON HEAD ISLAND-BLUFFTON, SC BEAUFORT 2022 $420,680 $538,650 $651,050 $809,150
CHARLESTON-NORTH CHARLESTON, SC BERKELEY 2022 $473,800 $606,550 $733,150 $911,150
COLUMBIA, SC CALHOUN 2022 $420,680 $538,650 $651,050 $809,150
CHARLESTON-NORTH CHARLESTON, SC CHARLESTON 2022 $473,800 $606,550 $733,150 $911,150
GAFFNEY, SC CHEROKEE 2022 $420,680 $538,650 $651,050 $809,150
CHARLOTTE-CONCORD-GASTONIA, NC-SC CHESTER 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CHESTERFIELD 2022 $420,680 $538,650 $651,050 $809,150
SUMTER, SC CLARENDON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO COLLETON 2022 $420,680 $538,650 $651,050 $809,150
FLORENCE, SC DARLINGTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DILLON 2022 $420,680 $538,650 $651,050 $809,150
CHARLESTON-NORTH CHARLESTON, SC DORCHESTER 2022 $473,800 $606,550 $733,150 $911,150
AUGUSTA-RICHMOND COUNTY, GA-SC EDGEFIELD 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC FAIRFIELD 2022 $420,680 $538,650 $651,050 $809,150
FLORENCE, SC FLORENCE 2022 $420,680 $538,650 $651,050 $809,150
GEORGETOWN, SC GEORGETOWN 2022 $420,680 $538,650 $651,050 $809,150
GREENVILLE-ANDERSON, SC GREENVILLE 2022 $420,680 $538,650 $651,050 $809,150
GREENWOOD, SC GREENWOOD 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HAMPTON 2022 $420,680 $538,650 $651,050 $809,150
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC HORRY 2022 $420,680 $538,650 $651,050 $809,150
HILTON HEAD ISLAND-BLUFFTON, SC JASPER 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC KERSHAW 2022 $420,680 $538,650 $651,050 $809,150
CHARLOTTE-CONCORD-GASTONIA, NC-SC LANCASTER 2022 $420,680 $538,650 $651,050 $809,150
GREENVILLE-ANDERSON, SC LAURENS 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LEE 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC LEXINGTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MCCORMICK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MARION 2022 $420,680 $538,650 $651,050 $809,150
BENNETTSVILLE, SC MARLBORO 2022 $420,680 $538,650 $651,050 $809,150
NEWBERRY, SC NEWBERRY 2022 $420,680 $538,650 $651,050 $809,150
SENECA, SC OCONEE 2022 $420,680 $538,650 $651,050 $809,150
ORANGEBURG, SC ORANGEBURG 2022 $420,680 $538,650 $651,050 $809,150
GREENVILLE-ANDERSON, SC PICKENS 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC RICHLAND 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC SALUDA 2022 $420,680 $538,650 $651,050 $809,150
SPARTANBURG, SC SPARTANBURG 2022 $420,680 $538,650 $651,050 $809,150
SUMTER, SC SUMTER 2022 $420,680 $538,650 $651,050 $809,150
UNION, SC UNION 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WILLIAMSBURG 2022 $420,680 $538,650 $651,050 $809,150
CHARLOTTE-CONCORD-GASTONIA, NC-SC YORK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ABBEVILLE 2023 $472,030 $604,400 $730,525 $907,900
AUGUSTA-RICHMOND COUNTY, GA-SC AIKEN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ALLENDALE 2023 $472,030 $604,400 $730,525 $907,900
GREENVILLE-ANDERSON, SC ANDERSON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BAMBERG 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BARNWELL 2023 $472,030 $604,400 $730,525 $907,900
HILTON HEAD ISLAND-BLUFFTON, SC BEAUFORT 2023 $485,300 $621,250 $750,950 $933,300
CHARLESTON-NORTH CHARLESTON, SC BERKELEY 2023 $538,200 $689,000 $832,850 $1,035,000
COLUMBIA, SC CALHOUN 2023 $472,030 $604,400 $730,525 $907,900
CHARLESTON-NORTH CHARLESTON, SC CHARLESTON 2023 $538,200 $689,000 $832,850 $1,035,000
GAFFNEY, SC CHEROKEE 2023 $472,030 $604,400 $730,525 $907,900
CHARLOTTE-CONCORD-GASTONIA, NC-SC CHESTER 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CHESTERFIELD 2023 $472,030 $604,400 $730,525 $907,900
SUMTER, SC CLARENDON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO COLLETON 2023 $472,030 $604,400 $730,525 $907,900
FLORENCE, SC DARLINGTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DILLON 2023 $472,030 $604,400 $730,525 $907,900
CHARLESTON-NORTH CHARLESTON, SC DORCHESTER 2023 $538,200 $689,000 $832,850 $1,035,000
AUGUSTA-RICHMOND COUNTY, GA-SC EDGEFIELD 2023 $472,030 $604,400 $730,525 $907,900
COLUMBIA, SC FAIRFIELD 2023 $472,030 $604,400 $730,525 $907,900
FLORENCE, SC FLORENCE 2023 $472,030 $604,400 $730,525 $907,900
GEORGETOWN, SC GEORGETOWN 2023 $472,030 $604,400 $730,525 $907,900
GREENVILLE-ANDERSON, SC GREENVILLE 2023 $472,030 $604,400 $730,525 $907,900
GREENWOOD, SC GREENWOOD 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HAMPTON 2023 $472,030 $604,400 $730,525 $907,900
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC HORRY 2023 $472,030 $604,400 $730,525 $907,900
HILTON HEAD ISLAND-BLUFFTON, SC JASPER 2023 $485,300 $621,250 $750,950 $933,300
COLUMBIA, SC KERSHAW 2023 $472,030 $604,400 $730,525 $907,900
CHARLOTTE-CONCORD-GASTONIA, NC-SC LANCASTER 2023 $472,030 $604,400 $730,525 $907,900
GREENVILLE-ANDERSON, SC LAURENS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LEE 2023 $472,030 $604,400 $730,525 $907,900
COLUMBIA, SC LEXINGTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MCCORMICK 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MARION 2023 $472,030 $604,400 $730,525 $907,900
BENNETTSVILLE, SC MARLBORO 2023 $472,030 $604,400 $730,525 $907,900
NEWBERRY, SC NEWBERRY 2023 $472,030 $604,400 $730,525 $907,900
SENECA, SC OCONEE 2023 $472,030 $604,400 $730,525 $907,900
ORANGEBURG, SC ORANGEBURG 2023 $472,030 $604,400 $730,525 $907,900
GREENVILLE-ANDERSON, SC PICKENS 2023 $472,030 $604,400 $730,525 $907,900
COLUMBIA, SC RICHLAND 2023 $472,030 $604,400 $730,525 $907,900
COLUMBIA, SC SALUDA 2023 $472,030 $604,400 $730,525 $907,900
SPARTANBURG, SC SPARTANBURG 2023 $472,030 $604,400 $730,525 $907,900
SUMTER, SC SUMTER 2023 $472,030 $604,400 $730,525 $907,900
UNION, SC UNION 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WILLIAMSBURG 2023 $472,030 $604,400 $730,525 $907,900
CHARLOTTE-CONCORD-GASTONIA, NC-SC YORK 2023 $472,030 $604,400 $730,525 $907,900

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).